Table 1 shows the monthly demand for and supply of bicycle services in a town.
| Price per service (£) | Quantity demanded (services per month) | Quantity supplied (services per month) |
|---|---|---|
| 30 | 480 | 220 |
| 40 | 360 | 360 |
| 50 | 280 | 430 |
| 60 | 200 | 500 |
Using Table 1, what is the equilibrium quantity of bicycle services each month?
500 services
280 services
480 services
360 services
236 exam-style questions on AQA GCSE Economics 1.3 How prices are determined, covering 1.3.1a Demand and the factors that influence it, 1.3.1b The demand curve, 1.3.2a Supply and the factors that influence it, 1.3.2b The supply curve, 1.3.3a Determining equilibrium price, 1.3.3b Applying diagrams and showing revenue, 1.3.4a Complements and substitutes, 1.3.4b Effects of changes on related markets, 1.3.5a Price elasticity of demand, 1.3.5b Factors affecting price elasticity of demand, 1.3.5c Measuring PED and its implications, 1.3.6a Price elasticity of supply, 1.3.6b Factors affecting price elasticity of supply, and 1.3.6c Measuring PES and its implications. Each one has a worked solution and a mark scheme showing where the marks go.